Takeover Panel Rejects WPP's Effort
To Back Out of Bid to Acquire Tempus

By

Alessandra Galloni Staff Reporter of The Wall Street Journal

Updated Oct. 26, 2001 12:01 a.m. ET

LONDON -- WPP Group PLC Chief Executive Martin Sorrell has made his name as a dynamic deal maker, but he got his fingers burned Thursday.

Britain's Takeover Panel rejected WPP's attempts to back out of an offer, of 555 pence ($7.92 or 8.87 euros) a share, to acquire media-buying company Tempus PLC by arguing that Tempus had suffered a "material adverse change" in its business in the wake of the Sept. 11 attacks and their...